A borrower receives a reverse annuity mortgage at 6, Ask an Expert

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A borrower receives a reverse annuity mortgage at 6% interest with a 10 year draw down period. She receives $1,400 a month during this period. However, she lives in the home for 23 years after the origination of the RAM before she passes away.

What is the balance on the RAM at the time when this loan becomes due? Round your answer to the nearest cent.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92713064

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